So many people consider their Home Buying as an Investment. But you have not considered that Owned Home doesn’t give any monetary return but buying a home gives you a mental peace which is more important. So don’t consider your Home Purchase as an Investment in Real Estate. It is permanent shelter for you and your loved ones.

When you are planning to buy a House Property, You need to consider following points before finalizing the property.

• a) The Cost of House Property
• b) Your Family’s Disposable Income
• c) Your Personal Expenses and EMI Paying ability
• d) Location of the Property

After finalizing the House Property now comes the time for money management. If you have a consistent source of Income, you can buy house property with easy home loan. Before applying for a home loan you should sit down and estimate your monthly income with monthly expenses which will help you to arrive at surplus income available for EMI payment.

Let’s take an example and understand this better. Let’s assume that your monthly salary is Rs. 50000 and you want to buy a property worth Rs. 35 Lacs. Your monthly household expenses come to around 50% of your income and so you have EMI payment capacity of Rs. 25000 per month.

Now if you have down payment Rs. 10 Lacs, you will still Require 25 Lacs more for purchase of your Dream Home. Now as you have supporting income, Banks and NBFCs will assess your financial requirement and might be able to give you a loan of Rs 25 Lacs and the loan Tenure will be between 20 To 30 years.

Now you know your loan requirement, it is better for you to approach your Banker directly or through your financial consultant to apply for Home Loan. Various points need to be understood and that’s why we advise you to approach your Financial Consultant or you can also reach us and we will help you understand the Home Loan intricacies better.

You need to have your document file ready with you before you approach your Banker alternatively we can also help you making a complete document folder for your Home Loan Purpose.
Generally the following documents are needed at the time of applying for a home loan.

• 1. PAN Card
• 2. Aadhar Card
• 3. 2 Passport Size Photograph
• 4. Present Residential Address Proof
• 5. Last 3 Years’ Financial Statements along with ITR (in case of Businessman)
• 6. Last 3 Years’ Income Tax Returns (in case of Salaried Person)
• 7. Last 1 Year’s Bank Statements
• 8. Welcome Letters of existing Loans (if any)
• 9. Proposed Property Documents

Now comes the question to which Bank or NBFC you should apply for your Home Loan. For this we advise you to consult us as so many questions needs expert opinion like processing fees, time for disbursal of your loan, loan tenure, EMI, rate of interest etc.